Credit, Collections & Insolvency News
Read this if your business is under significant pressure. HMRC and utilities firms have told their panels to stop collecting. The FCA has told banks and lenders to freeze repayments and fees. Collection firms have been forced to lay off staff. Genuine and, unfortunately, fraudulent claims of financial vulnerability are increasing. This challenging situation is…
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The Initiative for Financial Wellbeing (IFW) has announced a new financial coaching stream. The Initiative launched in December 2019 already offers research, tools (turning the research into practical application for financial advisers to help clients be happier), events, connections (connecting with other organisations) and a regional network The IFW was formed to provide a meeting…
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A new Bournemouth-based fintech company Outstand.io has launched to help financial service providers better manage their non-performing credit portfolios. The firm’s founders, Dan Ware and Rob Samuel, co-created Outstand.io to assist with direct lender’s debt collection strategies. Outstand.io provides end to end guidance on setting up commercially beneficial relationships with debt purchasers to help improve…
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The Institute of Directors (IOD) has called for help for companies and entrepreneurs currently ‘falling through the cracks’ of government support, as new figures underline the impact of the coronavirus outbreak on firms. In a survey of over 700 business leaders conducted following the Government’s announcement of a job retention scheme, seven out of ten…
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Smart Search has announced that it has launched a dedicated anti-money laundering service (AML) for businesses adapting to remote working The company says that with the government now stating all non-essential businesses should work from home where possible and minimise the amount of time we spend around other people, experts advise there’s never been a…
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The three major credit reference agencies (CRAs), Experian, Equifax and TransUnion have confirmed that consumer credit scores will be protected when people have agreed ‘payment holidays’ in place as a result of the COVID-19 pandemic. Payment holidays refer to a pause agreed between an individual and their lender on regular loan payments. Earlier this month…
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Global information and insights provider TransUnion, has found that three out of five (59%) households are already being negatively financially impacted by the COVID-19 virus, according to a new study. The findings contrasts with research commissioned just before the outbreak for TransUnion’s Consumer Credit 2020 report, where 60% of consumers had stated they had the…
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New figures from debt charity StepChange have revealed that thousands of households’ finances are at breaking point as a result of the Covid-19 crisis. The research reveals just how vulnerable people are to changes in personal circumstances with three out of four new clients identified a life event or income shock as the main reason for…
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